TOP 5 GOLD MINING AND EXPORT COMPANIES IN AFRICA
Many commodities play vital roles in the economies of the world. They are the major significant factors in developed and developing nation’s advancement. World economies are built on items such as oil, cocoa, gold, palm, and even timber.
The stock market relies highly on these items to thrive. A fall in gold affects the stock market severely just like oil does. Amid Covid-19, while many stock commodities were falling, gold grew by an exceptional margin, surpassing US$1,800 per ounce in early July 2020. It was the highest price level since 2011.
Gold mining is a very lucrative venture that sees many mining companies and sublet companies investing in the sector.
Thus, gold mining and export companies in Africa range from extremely big to small mining companies. In this article, the top 5 mining companies in Africa, the hub of gold, would be outlined. This ranking would be based on annual production output and profit margins.
5. Kinross Gold
Number 5 on our list of top gold mining and export companies in Africa is Kinross Gold.
With its headquarters in Toronto headed by Paul Rollinson since 2012 is Kinross Gold at the 5th position. Kinross Gold produced just under 2.4 million ounces of gold in 2020, marking a 6% output decline compared to a year earlier in 2019 of 78 tonnes of gold.
In 2019, Kinross achieved its eighth consecutive year of meeting or exceeding production and cost guidance. For 2020, the company withdrew its full-year production guidance in light of the uncertainty surrounding COVID-19 and its impact on mining operations.
Kinross Gold has projects in Brazil, Chile, Ghana, Mauritania, Russia, and the US. In the US, the Fort Knox mine in Alaska and Round Mountain mine in Nevada are key projects, while the Paracatu operation in Minas Gerais, Brazil produced 542,435 ounces of gold in 2020. The company says it has 30 million ounces of proven and probable gold reserves globally.
4. Harmony Gold Mining Co. Ltd
Harmony Gold Mining was established in 1950 and hence the first largest gold mining company in South African history. This company with an annual revenue of 1.8 billion dollars employs over 30,000 people in just South Africa alone.
The branch of Harmony Gold in Papua New Guinea, employs workers from Mozambique, Lesotho, Australia, and Zimbabwe.
Although this company reported 63 illegal deaths in 2009, it has found space to thrive in the gold mining industry. It has reported an accountable gold equivalent mineral reserve of 36.7 Moz of gold and another accountable 104.3 Moz of accountable gold mineral resources.
The firm owns 10 mines in South Africa both underground and open pit. However in New Papua Guinea, an open-pit of gold and silver mine in Hidden Valley.
Sibanye Gold in South Africa earned 6.21 billion in market capitalization in the year 2020. This firm employs over 80, 000 workers in just South Africa. It also holds the top 4th position for private sector employers aside from being a top mining and export company in Africa.
This firm usually traded in palladium and platinum until it curved into gold mining and exporting in 2012. With an already strong foundation in the sector, it was not hard for Sibanye Gold to thrive.
Sibanye Stillwaters is on the New York Stock Exchange and has diverse projects ongoing in the United States and South Africa.
This leading firm is a multinational precious metals mining company, revealing a diverse portfolio of platinum group metals.
It is the third on our list of top 5 Gold mining and export companies in Africa.
2.Gold fields Limited
Gold Fields Limited is a top gold mining and export company in Africa. It is also one of the leading mining firms in the world. As of 2019, this company has become the eighth gold mining company worldwide.
Gold Fields Limited was founded in 1998 and headquartered in Johannesburg, South Africa. It was founded with an amalgamation of the gold assets of Gold Fields of South Africa Limited and Gencor Limited.
With branches in Australia and Peru, Gold Fields operates in Ghana at the Damang Gold Mine, owns 45% of the Asanko Gold Mine and the Tarkwa Gold Mine.
In South Africa, this leading company operates in the Beatrix Gold Mine, Driefontein Gold mine, South Deep Gold Mine, and the Kloof Gold mine.
Gold Fields Limited has seen quite a success over the years and in 2020, accrued revenue of 8.4 billion dollars in market capitalization.
The South African-based company is headed by Christine Ramon who is currently the company’s interim chief executive. She steps in after the resignation of former CEO Kelvin Dushnisky in 2020. AngloGold Ashanti was formed as an entity in 2004, following the merger of AngloGold and Ashanti Goldfields.
AngloGold Ashanti in 2020, produced just over three million ounces of gold, which was a 7% decline of the102.1 tonnes of gold produced in 2019. Nonetheless, it places first on this top gold-mining and export companies list.
The South African company has 17 gold operations in nine countries including Ghana, the DRC, Guinea, Tanzania, and Mali as well as numerous exploration projects around the world. Although its Obuasi mine in Ghana was placed on care and maintenance in 2014, 2018 saw the gold producer decide to set it on a course of redevelopment with the hope of achieving commercial production in 2021.
These top 5 gold mining and export companies in Africa have seen great success. This is an attestation that Africa is a hub in mineral resources.
Despite the covid-19 pandemic, the gold mining and export business has continued to thrive like no other.
These companies are not just the top leading firms in gold mining and export in Africa but worldwide. Some of the major challenges faced by these companies include lack of logistics, inappropriate provision of labour and governmental issues.
Hopefully, when all these are fixed, these companies would take over all the global giants and become the top-ranking gold mining and export companies in the world.
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